Two Men Rode a Decadelong Tech Wave in China—Only One Is Staying

Two Chinese entrepreneurs, Derek Li and Rick Chang, separately jumped into the country’s tech boom nearly a decade ago, in the early days of Xi Jinping’s rule.

China’s mobile-technology market was exploding, fueled by generous government subsidies and a light touch from regulators. Their respective businesses benefited greatly from the dynamism in China’s tech sector, underpinned by Mr. Xi’s push for innovation and entrepreneurship.